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tv   Sunday Morning Futures With Maria Bartiromo  FOX Business  June 26, 2016 10:00pm-11:01pm EDT

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>> right. no, no. >> he's going to withstand every issue. i've got to go, ed. i'm sorry. michael goodwin and ed great britain's exit from the european union already causing debate in the uk, but what else will happen is still unknown. good morning. i'm maria bartiromo. this is "sunday morning futures." some political party leaders in britain are stepping down. what does brexit mean for u.s. diplomacy with the uk? the b turbulence on global markets. top economist mohamed el erian
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in moments. plus, donald trump saying brexit draws parallels with his agenda. back home, questions are being raised about his campaign's lack of funding. a senior trump adviser is with me on "sunday morning futures." global financial markets plunging after great britain's historic vote on friday to part ways with the european union. for many, a big reason to celebrate. some pro-brexit law makers even calling it the uk's independence day, but the results shocking investigators. dow jones close down more than 600 points on friday, closing at the lows of the day. sparking fears of a worldwide economic slowdown that could last months, could could end up being a global recession. how much will britain's decision affect us here at home? joining us is mohamed el erian, former pimco ceo.
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pleasure to see you. thanks for joining us. >> thank you, maria. >> a sharp reaction to the brexit on friday with markets down across the board. let me kick it off right there. do you think the selling continues when markets reopen tomorrow sm. >> there was a chance it does because a lot of people have gotten overconfident with the notion that british voters would not opt for brexit. so you have a lot of long accounts that received margin calls that will be forced to sell. having said that, there's a lot of cash on the sideline, so expect a lot of volatility and more selling in the days ahead. >> we'll probably see more selling. are we going to see the back drop get worse? do you expect we'll see a global recession or a recession now in the eurozone? >> so, on a stand alone basis, think of the following, the most intense developments will be political. you're seeing major turmoil in
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the united kingdom, as you correctly stated. not just to conservatives, the labor. scotland is looking to seek independence again. you'll see a lot of questions in europe. the politics will be incredible messy. financials will get more volatile, which means you put all of that on top of a pretty fragile global economy. slower growth in europe, probably a recession in the uk. we will feel something, but not anything that derails us in a major way. >> because we are looking at an economy in the u.s. that's sort of bumping along the bottom in some ways. we're not seeing the kind of growth one would wanted to see ten years after the financial collapse. how do you move the needle on growth? >> we do four things and we do them comprehensively to unleash all the money that's on the sideline because companies aren't willing to invest and take risks? first, serious investments in
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growth, infrastructure, tax reform. second, more responsible fiscal policy. third, we have to start dealing with some debt overhangs. finally, u.s. leadership on the global stage. those four things would unleash a lot of capital that's kindly sitting on the sideline waiting. >> so, what do you think happens until those things actually materialize because we're looking at those things being long-term structural events that need to take place. we're in a nervous moment, aren't we? what do you tell c clients and people who have money on the line right now? >> i tell them the good news is the u.s. outperforms. the bad news, it's not potential. we'll continue 2% growth, not enough what we lost already. the balance of risk is to the downside. for financial markets, which have been decoupled by fundamentals from central bank action, there's a lot more
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downside than upside at this point. >> you mentioned a moment ago financials. i wanted to ask you about the investment banks because that was the group leading this major selloff we saw at the end of the week. how does the uk go about this? right now regulations are in place with the uk being under the european union umbrella, but when they actually do move out, as they are intending, what does that look like in terms of this reworking of financial regulations? > you're absolutely right. and the answer is a lot more questions than answers. there's a reason why european banks got hit so hard. first, you've completely turned upside down institutional linkages so operating models are under pressure. second, remember, interest rates came down on friday and the curve flattened which means it's harder for them to generate
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income. thirdly, if europe slows down the credit quality of their portfolio becomes more in doubt. for me it's no surprise european banks were hard hit. wouldn't venture there for now. there are better places to put your money because other stocks overshot but in an excessive manner. >> that's a good point. so, where are there places to hide, if you will? i was reading one stat, and we're trying to get to the bottom of this, that your average 401(k) lost thousands of dollars on friday alone. what should people be thinking? these are long-term people? you know, you're not going to trade your 401(k), obviously, but for those people who recognize they just took a hit, should they just sit tight and continue to be long term, or are there places they should be looking at to revisit and reassess? >> your starting positition matters a great deal. what rick did you have on and
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what's your tolerance for this risk? investors should realize a couple things, whether in 401(k) or otherwise. we're in a volatile position. cash is important to have. facebook, google are going to trade down a lot. not because they've been fundamentally hit but they'll be sold because people are looking to waste cash. you will sell whatever you have. so, be patient. look for names with good balance sheets, positive cash flows and good management. they will be attractive over the long term. over the short term, just realize we entered a more volatile period. >> you make a good point. when you're under pressure, you have to sell something. you're selling where you have liquidity. all of those companies you just mentioned is where the liquidity is. you sell wherever you can sell and that puts pressure on the broader market. >> that's right. they serve as the atm. they can be sold easily because
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they're so liquid but the result is they overshoot on the way down. so for call shares, long-term investors, this is a period of not just volatility but of selective opportunities. >> just to recap, you don't think the worst has been done. we're in for further slg this week? >> i'm afraid so because i think there were too many levered long accounts. they borrowed to put on more risk. as much as there is cash on the sideline, which is good, that cash is going to the way until the levered long finish the selling. >> always a pleasure to have you. thanks so much for joining us. we'll see you soon. mohamed el erian. join me tomorrow morning on "mornings with maria" on the fox network from 6:00 to 9:00 a.m. donald trump drawing comparisons between brexit and united states. senior policy directer on what
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voters in both countries have something in common. we'll tell you about that. you can follow me on twitter @mariabartiromo @sunday morningfurtsz. stephen moore is joining us n
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welcome back. donald trump drawing comparisons between uk's brexit decision and support for his own presidential campaign here in the u.s. trump supporting voters in both countries are skeptical of open borders and praising the supreme court's split decision this week that block president obama's controversial action on immigration. joining me right now is stephen miller, senior policy adviser for the trump campaign. great to have you on the program. >> thank you. >> do you think there are
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similarities between what's happening in uk and america? >> absolutely. the similarities are quite extraordinary. if you look at the brexit campaign and the leave campaign, their central issue was for britain to control its own borders because imoperation fundamentally is an issue that affects every aspect of people's lives. especially working people. it affects housing, schools, hospitals, wages, neighborhood security. that was a driving issue, as well as the ability to make trade deals good for britain as well as ability to make decisions at the local rather than the international level. those are issues effecting the campaign here in america. >> why is that issue so important? connect the dots. i know there is worry and concern over foreigners taking people's jobs but also worry about security. >> yes. both. in the case of the security issue, you've seen tragically here in the united states, a number of incidents in recent
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years in which individuals linked to immigration in one way or another have gone on to commit atrocities in the united states. that is certainly one of the issues driving it here in america, is the issue over security. it's also a quality of life issue. i think people will be surprised to learn that since 1965, the united states has admitted 59 million immigrants. that's a level unprecedented, i would say, in world history. the effects of that on wages, on income, job security has been profound. you've seen that on a number of trade deals at economic dislocation and social dislocation for many working people. that includes many immigrant people, that includes many people who themselves have arrived very recently who are the first people to be affected by newcomers. so all americans, regardless of where they come from, will benefit from establishing stronger border control. >> talk to us about trump's immigration policy. you are integral to that immigration policy and have done a lot of work on immigration as you worked with jeff sessions
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over the years. people are wondering how trump would balance out controlling borders, ensuring we know who is coming in and out of the country and also not being too nationalistic. perhaps creating trade wars as well as a closed society. >> the united states is in no danger of becoming a closed society. we're the most open society in the world. we have the most generous immigration policy. we have the world's largest trade deficit, the least amount of border control. what's striking is even though britain could not control self-determination, britain still had more eu border control than the united states does. it's a profound diamond in our political class. moderating our trade policies and immigration policies to serve the interests of the people living here today, will simply be a move toward the historical position of most civilized countries, which is that if you're making a trade deal, making an immigration deal, you have to first and foremost look out for your own workers. >> trump made some comments this
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weekend while he was in scotland. obviously, went there for the golf course and yet it was perfect timing for being there, he gave a press conference on brexit. was that planned? >> there was certainly an awareness that the timing of the trip would place it during brexit. you don't want to come in right before the vote and distract from it. it was a long-planned trip but there was certainly awareness inside the campaign of where the trip would fall. >> he made comments over the weekend talking about the muslim ban. do you want to clarify, has his tone changed on a muslim ban should he become president? >> i think the policy in his speech he gave after the orlando shooting. that has been we're going to focus on suspending migration with countries with a link to terrorism until a better position can be put in place. we've seen hundreds of terror
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thif linked individuals that have ended up in the united states as a result of our immigration policies. >> so, he's talking about specific countries. that's where the vigilance will be in terms of a muslim ban. >> the most effective way to screen out individuals linked to radical islam is focus on the countries where they live. >> the past news line was obviously the supreme court in a split decision. essentially knocking down the president's immigration reform, which was done by executive action. your thoughts on that? >> the fact it's a 4-4 split underscores what's at stake for america. that could eventually be relitigated and you could see a new effort to come with a better result. they kicked it back down and upheld the circuit court ruling as a result of that ruling. if you get a fifth justice that hillary clinton appoints, they could rule in favor of the president's actions, which would mean any president now or in the
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future could unilaterally suspend all immigration rules and effectively you would have no borders in america. >> you know what resonated with me. the fact that president obama did away with the pledge of allegiance to america. now when immigrants come in, they don't have to pledge, i pledge my allegiance to america. they don't have to sign that document. i was looking at documents from my own great grandparents when they denounced the king italy. there's a poll out today that shows donald trump is way behind hillary clinton. there's also debate amongst the gop. what's the strategy for trump going into the convention, the elections to gain this upper hand? >> first of all, you have on the fund-raising side, you have big numbers coming in in the campaign war. hillary clinton has spent tense upon tens of millions of dollars in advertising dollars. what most people care about is the message. you'll see a big message
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appealing to people that have been victims of globalization to think the big banks, we don't think the multinationals, we don't think transnationals should be deciding how my life goes, how my family's life goes, my community goes. that's the hillary clinton globalization. we'll focus on real results for real people. >> he's going to stick to those issues? >> yes. >> we'll be watching. >> stephen miller joining us. shock waves felt around the world as great britain votes to leave the european union. many now bracing for what comes next. a member of the european parliament will join me live as we look ahead on "sunday morning futures."
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welcome back. secretary of state john kerry headed to brufssels tomorrow. that decision could lead to a major shakeup in britain's labor party as the leader faces growing pressure to step down. fox business networks ashley is live in london. good morning to you. >> good morning to you, maria. john kerry in rome right now meeting with israeli and roman officials while there. tomorrow he's taking time out to come back up to brussels. he'll be meeting with the eu chief and after that, he'll be there to stress that he wants the eu to remain together. fears of a domino effect from the vote by uk to get out of the european union. he'll be expressing, please, let's stay together. then he hops on a plane and comes over to london later on tomorrow and he'll be meeting with british prime minister philip hammond.
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i have a feeling he'll be saying, we have a special relationship, we're partners and that will never change. it's a difficult time for the obama administration, no doubt. this was an unexpected vote. it has security implications because the uk is not at the table when it comes to security in europe. but he's turning up in england at a time there's absolute political chaos going on behind me in westminster. certainly the conservatives in the wake of this vote. david cameron says he'll be out and wants to be replaced by october. who replaces him? boris johnson one of the favorites. just a bit of abacklash against boris. then a meltdown in the labor party with labor leader jeremy corbin with intense pressure to quit. he's had a number of senior party members resign today, on tv shows here. he called corbin and said,
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you're looking confidence, you may want to step down and he did a classic donald trump, and said, you're fired. wow, we're in the front row seat of history here in the uk for sure. >> that's absolutely true. we'll see you tomorrow morning on the fox business network. thank you, ashley webster. the next 90 days could be pivotal as eu discussing trade deals with britain in the wake of that brexit decision. the uk could be the tip of the iceberg. leaders wonder if other countries in the eurozone will also decide to leave the eu. we want to bring in dr. kay swinebum, thank you for joining us. >> pleasure, maria. >> ahead of this vote you were pushing to stay. that did not end up happening. what is the most important priority at this point is what i want to get to? first, let me ask you about the story in the news today. i'm reading this from "the daily mail," don't rule out a second
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eu referendum, says tony blair, as more than 3 million sign petition demanding a rerun. is there going to be a rerun voted? >> well, i guess the problem here is that the remain campaign, obviously, it was status quo so what knew what we were voting for. what's become clear in the last 24 hours is although the vote was to leave, nobody actually knows what we were going to be leaving to. so it's very clear now there was no plan by the leave campaigners. so we now need to actually press a pause button to work out where we're at but the alternatives is what is best for us outside the eu in terms of what type of trade agreement. when they weren't telling us what they wanted during the campaign, we assumed it was for reasons they had not worked out all the detail. it seems they hadn't made any considerations at all of what they wanted.
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so we're not at the table yet for negotiations. >> president obama traveled to britain obviously a few months ago and warned that it's not a good idea for britain to leave and it's going to put britain at the end of the line when it comes to new deals. i want to run this sound bite and get your reaction to it. >> maybe some point down the line there might be a uk/u.s. trade agreement but it's not going to happen any time soon because negotiating with a big bloc like the european union to get a trade agreement done. and the uk is going to be in the back of the queue. us having access to a big market with a lot of countries rather than trying to do piecemeal trade agreements is hugely inefficient. >> kay, do you agree with that? do you think britain will be at the end of the queue in terms of redoing trade deals with the eu
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countries and the u.s.? >> well, the u.s. has a habit, from what we've observed, of doing deals in sequence rather than at the same time. if they've got the big deal on the table at the moment, is the eu investment partnership and, therefore, by what we've seen in the past, they do one after the other. yes, there is a line. there is the queue we have to join. the european union would be at the head of that queue before we actually even vaguely start. in fairness, our biggest market right now is 44% of our exports going to our eu neighborhood. and so we need to get that deal sorted before we move on to anything else. we don't, as i've said previously, don't even have a seat at the moment at the wto. we have a seat by the eu, but we don't have a seat for great britain. i'm concerned we have basic fundamental things to organize. part of the reasons we haven't invoked article 50 so far is
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because we actually know now that the leave side didn't have a plan, so we need to use this time to get a plan in place. >> are you expecting a recession in the eu? i know a week and a half ago you were among those questioning mario draghi when he testified. how weak are things and do you expect a recession on the horizon? >> i think the problem being we have weak growth in many countries across the euro zone. in particular, the uk was a beacon of hope with high growth and jobs being created. so, we're now at that crossroads where the uk has put its economy effectively on hold with a real threat of us having serious consequences to our economic development. so, if we're slowing down, customers are slowing down. everything is going on hold until we know what's happening. the uk is a large economy within the eu bloc. when we start to actually have a slowdown, the rest of the eu
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that was relying on us is now going to suffer the same thing. recession may be too far, but i think we'll have fairly major economic consequences both here in the uk and across the rest of the eu, too. which is why i think the eu might be trying to move along quickly to isolate themselves from the repercussions of this uk vote. until we invoke article 50, we're still a member of the eu. >> that's a really good point. you talked about that single market, that the uk needs access to 500 plus million people in the eurozone. those are important customers for the uk. kay swinburne good to have you on the program. >> pleasure. bernie sanders staying in the democratic presidential race for now, even though he says he will vote for hillary clinton. we will if you're taking multiple medications, does your mouth often feel dry?
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ed rollins is former white house adviser and a fox news political. jessica tarlov, democratic pollster and strategist and steve moore with us, co-author of the new book, fueling freedom. good to see you. thank you for being here. jessica, what is going on in bernie sanders' mind. tell us what his strategy is, if you have any idea. >> i'm really not sure. i've been saying this for a few months as it became increasingly clear she would be the nominee. she came out 3.8 million votes ahead of him. the fact he's demanding a platform that looks exactly like his agenda when he lost is truly stunning to me. and i would add that when bernie sanders says that he's dedicated to defeating donald trump, that now means supporting hillary clinton. not just saying i'll vote for her kind of begrudgingly, but
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fueling his supporters to understand that this is what's most important, to get behind the democratic nominee. >> i agree. but how is he going to translate his supporters into hillary clinton supporters when a lot of them -- i think there was -- >> i don't know if he can do that. >> this week a majority -- >> this happened in 2008, we actually had an even larger divide. 50% of hillary clinton supporters said they wouldn't back obama. >> let me suggest why i think this situation is different. if you look at bernie sanders voters, what do they want? they want change? if you listen to hillary's speech this week that she gave, it was a resounding endorsement for the status quo. there was no message of -- you couldn't find anything in that speech she couldn't do that was different from barack obama. i'm not saying those bernie sanders voters will vote for trump. i think a lot of them will. i think a lot will stay home. >> i was watching this video this weekend with susan sarandon pushing back on a clinton
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supporter saying, why would you have clinton in your corner? she voted for the iraq war. there's this real vitriol. >> susan is a professional agita agitator. at the end of the day here, the hardest part of everybody who's had a campaign like sanders ise. he goes back back to being an obscure senator in the back of the room. right now he has secret service protection. he's adored everywhere he goes. after that happens, after the convention he'll be irrelevant. i assume he'll be a clear leader for her at the end of the gale. that doesn't matter. i would be surprised if 10% or less basically supported anyone but a democrat. they may stay home but i think at the end of the day they'll be democrcrats, they'll young peop and brought into the ticket. >> he's already mattered because he's pushed her more to the left and he's got this enormous platform. look at the democratic party today.
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isn't it much different than it was today? >> certainly very different from the 1990s, which is where she is normally aligned. we can debate whether she was actually for nafta or not. we know, perhaps, wasn't her favorite move, but the party has decidedly shifted to the left, which i don't think is necessarily the great thing for the future of the country or the future of the party if we're trying to be -- >> this from a democratic strategist. >> the democratic strategist and i think a lot of democrats feel this way, which is why she was overwhelmingly their choice. >> two candidates in the past who have run on the bernie sanders portfolio, the governor to beat and mondale who could beat 49-1. bill clinton brought them back to the senator. >> he sure did. >> when you have socialist countries blowing up all over the world, you have what's going on in venezuela and he's touting an endorsement, i don't understand how this could be a positive. >> this point about the change in the democratic party, i think, it's -- i've been in washington for 30 years.
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ed, you've been involved a little bit longer than i have, but this transition -- think about in the '80s. bill bradley and dick gephardt, that when reagan passes an agenda, i don't think bill clinton, you know, bill bradley, dick gephardt, they couldn't be democrats today. it's moved so fared to left. >> i want to talk about economic plans on both sides of aisle, hillary clinton and donald trump's plan. heats get to "media buzz" with howie kurtz. >> another negative week over donald trump's trip to scotland, his response to brexit, firing his campaign manager, raising a meegen amount of money. we'll see if that's fair, if the press fact-checks hillary clinton as much as donald trump, and gun control other it didn't produce anything and violated house rules. we'll see you in 20 minutes. >> thank you. can donald trump show us the money? he says he can.
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predicting wll see staggering fund-raising figures from his campaign next month. our panel talking about the money when we come right back and the economy. we're looking ahead on "sunday morning futures". stay with us.
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welcome back. donald trump entering the general election with the biggest financial disadvantage of any major party nominee in recent history. just today his campaign sent out an e-mail setting an ambitious fund-raising goal of $2 million for the upcoming filing deadline on july 15th. recent filings also show hillary clinton started the month with $42 million in the bank while donald trump had just $1.3 million. the reports also show trump's team raised $3 million just last month. our panel back on the money. what can you tell us about the fund-raising for the trump campaign? >> it's been slow, slow for a variety of reasons.
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one is trumpb didn't want to raise money from big donors or direct mail, which he could have done. all those supporters, if he had a direct mail program like cars carson, he would have had no problem. the bottom line with donald trump is he can go to his atm and match anybody. he can write a $25, $50 million check and get even real quick. he hasn't done that. >> this election is not going to be decided by money. both candidates in the end will have more money than they need. >> only one issue is next month, next month democrats are out there hammering the daylights out of him, the same strategy they had with romney. take him out when they get to the convention. >> we need your super pac. >> right now he needs money. he needs to be up in the air. he can't let her have a month of free air time beating the daylights out of him. >> which is what stephen miller told us. they need the money to come up with the ads to counter her ads. i'm looking at an e-mail, eric trump, my father is asking you
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to contribute $100, $75, $50, $30, contribute another amount. i can promise you, my father loves and cares about america. he understands america greatness has vanished. he's using his kids. >> those kids are the best thing. >> he can sign it himself. at the end of the day, the critical thing about direct mail, it takes a period of time to develop mail. and you'll hear these big numbers but it's never a question -- someone says, i raised "x" amount of money. what's the gross? you've raised enormous sums of money but how much do you have to spend? it's costs a lot to raise -- >> those are trivial. he has to knock his convention speech out of the park and bet hillary in the debate. that's where you'll have 120 million people watching. those are the big amounts. >> he also has to stick to the issues. will he do that in terms of economy, national security, which resonates with people. >> no question. i believe if donald trump can
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just only talk about the economy and terrorism, he will win this election and not get off on tangents about mexican judges and things like that. >> he has to run a real campaign. it's foolish for them to ever think what they did in the primary, which was successful against 16 other candidates, this is a very sustained, very effective campaign being run againstt them. they have the both from both the obama team and hillary team. don't underestimate what they can do. get ready for it and match it. >> at the same time, there's such debate and unease within the republican party. this weekend we learned that george will says he's decided to leave the republican party because of donald trump. reaction? >> thank you very much. wish you will. >> see you later, is that what you're saying? >> i'll steel read your column -- >> the worst treasury secretary in american history, git who gave us bank bailouts. if the democrats want him, he can have them. >> it's a little spilled milk. there was a letter from top business executives from the
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right and left, your warren buffetts and people who worked in reagan and bush administrations who run at&t and general motors saying they're backing hillary clinton because there will be dark day as head under a trump presidency. it's serious. >> this letter is real. >> right. how important and how damaging was that letter? >> which letter are you talking about? >> from the business executives -- >> i think it did some damage but, look, this is a real lining election if trump wins. if he wins, he'll win with millions and millions of working democrats. he'll lose the hoity-toity republicans. >> elites. >> and elites. >> this is a plus. >> brand-new polls out this morning on the presidential race. what they are saying as we look ahead on "sunday morning futures." our panel comes back next.
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welcome back. brand new polls this morning show hillary clinton is leading donald trump. let's keep in mind they were taken before the brexit vote, but here is the latest nbc/"wall street journal" poll. 46% backing clinton, 41% supporting clinton. then there's this from "the washington post" where she is now at 51% versus trump's 39%. i'm back with the panel. ed rawlins, your reaction to these stunning polls. >> well, i can see trump is behind in the polls and probably will be behind for a period of time here. he's got to run a real campaign and catch up here. it doesn't matter. at the end of the day it will be a knock down, drag out close lest. the vast majority of republicans will vote for him and the vast majority of democrats will vote for her. it's the same old story, where are the independents going to go? the polls today are indications of a sign of what's happening right today, but if she had
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those kind of numbers for real, that's what reagan had over mondale for a year before the end of the campaign. she's not in that kind of condition. >> i don't believe "the washington post" poll. >> you don't believe it? >> i actually think the other one -- >> the nbc -- >> 5% or 6% gap. i think that's probably where this is. trump had a terrible two or three or four weeks preceding this week. >> judge, the mexican-american judge -- >> right. this week i think he staged a pretty nice comeback. first of all, the whole brexit issue i think plays into the hand of trump's let's take our country back. the other thing is remember this week both candidates gave major speeches, you know. hillary hit trump pretty hard in her speech, but donald trump is a counter puncher and he hit her back even harder. >> yeah. of what are your thoughts? >> i think so. i agree with the abc/"washington post" poll. >> you don't believe it? >> i believe some of it. >> it wasn't taken after brexit.
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>> i happen to not think the brexit vote is as important to our election. it's a very different condition. with what's going on in the uk, they're talking about another layer of government. they're talking about brussels. it's not one step removed, it's two steps removed. i think that's important. i think she's up 6 to 8 points, not the 5 to 6 but more -- >> here is what does matter in this election, actual policy. i want to talk about actual policy in terms of hillary clinton's economic plan, donald trump's economic plan. who is going to move the needle on economic growth and job creation? what's most important about these plans? >> i think trump gets the most credit because he's obviously been 234 businein business. that's going to be his strength-his strengths are going to be about leadership. who can lead this country with a new economy. if he articulates a good plan, which i think is coming, and talks about who can stand up to terrorism, i think he's home free. >> this is a changed election. the reason i think brexit is
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relevant is because people want a change in britain -- >> i'm not saying it's not relevant. but it's not the be all, end all. >> if you listen to hillary's speech, she spent 45 minutes attacking trump and 3 minutes talking about her own policies. tax the rich and more infrastructure spending. that's what obama said. >> is that accurate? do you agree with that? these are her major themes? >> that is a democratic economic plan. i would add in r & d investment, investment in education. these things are important. >> where does the money come from? >> raises taxes but she only raises taxes 4% to 5% on those earning $5 million and above. >> but trump wants to cut them. >> right. >> he wants to cut -- that's easy -- >> raising taxes on small business. >> but you're not raising them
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certainly on the middle class which is what she's focusing on. barack obama and his job creation has not been as high as it should be and growth is slow, but when you look at her plan, it mirrors closely what her husband did. >> not raising taxes that much. >> it's only -- >> she got the buffett rule. >> she does and she's speaking to a sanders' crowd and we'll have to see how it turns out. >> trump's plan, i'll tell you us what i have been working on it. we will have the biggest tax cuts since reagan. we'll corporate tax which is the highest in the world to virtually the lowest. >> how much? 25% to 15%? 15%. >> 15% is the business tax, exactly. that's a big deal. you're going to get a lot of business -- >> when it's an election about income inequality on both sides and druch is cutting from 39% to 25%. >> it's not about income. it may be on your side. this country wants leadership. it wants someone with a new immigration policy. anybody that's talking about taxes is going to lose in this
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campaign, i promise you. whether it's $5 million or what have you. people think they're taxed too much. trump gets credit for being the guy with an economic plan. if you want the same that you've had for the last eight years, good, vote for her. if you want can go different from obama, vote for him. he's the change agent. >> and the idea is by moving the needle, you take care of income inequality. >> what about the protectionist trade policies? because there are a lot of republicans out there who are for free trade. >> we'll renegotiate some of the deals. >> he's saying he wants to -- >> he walked back from that. what to watch in the week ahead, back in a minute. put some distance between you and temptation
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in markets this upcoming week. we'll tell you on morning with maria tomorrow. thank you so much, ed, jessica, steve. thanks for being with us. i'll see you "morning withlibert out of our way. that's our show for today. i'm lou dobbs. donald trump delivered one of his h most significant compelling speeches in his more than one-year-long campaign for the white house. trump focused on the enormous fees that the clintons have received from big business, wall street, and special interests. trump also noted that bill and hillary have received $153 million, giving speeches to ceos, lobbyists, and foreign governments since 2001, and over a period of 40 minutes trump attacked her dangerous polici policieser her bad judgment, scandalous history, and record

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